UHY Hacker Young

UHY Hacker Young

Website URL: http://www.uhy-uk.com
Tuesday, 27 September 2011 12:27

Academy school update - September 2011

This update brings you the most recent developments for Academy schools.

Update on VAT refund under s33B

We have previously commented on the options available to Academies in respect of claiming VAT suffered on expenses related to the provision of free education.

Some Academies will have taxable business supplies in excess of the current VAT registration threshold of £73k, and so will be compelled to register with HMRC and submit monthly or quarterly VAT returns.

Monday, 05 September 2011 12:28

Recent developments for academy schools

Changes to 2011/12 payment timetable

The Young People’s Learning Agency (YPLA) has announced that they are bringing forward the payment dates for all regular payments to Academies for the 2011/12 academic year. This is in response to concerns that Academies incur significant costs (for example payroll) in advance of normal payment dates.

From September 2011, all regular payments from the YPLA will be brought forward from the 18th of the month to the 1st of the month (or the following working day, if the first falls on a weekend or a bank holiday). This means that Academies will receive payment in 12 instalments during 2011/12, rather than in 13 instalments which applied previously.

These changes are entirely about the timing of payments in 2011/12 and have no effect on the total amount of funding paid to each Academy.

In order to make our website better for you, we use cookies!

Some firefox users may experience missing content, to fix this, click the shield in the top left and "disable tracking protection"